IFA Hotels & Resorts reports 130% Increase in Q1 Profits

IFA Hotels & Resorts has reported first quarter 2008 profits of KD 15.01 million (US$ 56.41 million), an increase of 130% compared to the same period last year. Earnings per share increased by 134%, from 16.09 fils (6 cents) last year to 38 fils (14 cents) this quarter. Shareholders' equity also increased to KD 90.53 million (US$ 340.21 million) compared to KD 56.07 million (US$ 201.45 million) during quarter one 2007. The company's total assets increased by 27% to total KD 301.84 million (US$ 1.134 billion).

Werner Burger, President and COO of IFA HR, said "We believe that our positive growth resulted from strength in our core business. The majority of our existing developments have already been sold with fixed building contracts in place. We have a very strong customer base which has been re-purchasing and investing in properties across our international portfolio."

The company currently has three major projects in Dubai that are scheduled for hand over during 2009: The Palm Golden Mile, the Laguna Tower and the Fairmont Palm Residence. "We are concentrating heavily on our delivery dates and on schedule to deliver these projects. We look forward to welcoming more of our customers into their properties next year," Burger added.

IFA HR recently opened a YOTEL at Amsterdam's Schiphol airport, the company's first project in The Netherlands. The 57 cabin YOTEL is located inside Schiphol's terminal and is the third YOTEL property to be opened.

IFA HR's current assets under management are valued at approximately KD 3 billion (approximately US$ 10 billion). The company has a staff of 522 global employees, with 40 projects completed or being developed, spanning 14 countries on four continents. At present, the Middle East makes up the majority of the company's assets and investments with 56%, followed by Africa and the Indian Ocean with 19%, Asia with 18% and finally Europe and the Americas with 7%.

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